Westpac logo

Westpac Personal Loan

Advertiser disclosure
Interest rate from
7.99% p.a.to 20.49% p.a.
Comparison rate from
9.18% p.a.to 21.61% p.a.based on $30,000
over 5 years
Upfront fee
$250.00

Mozo editorial review Westpac Personal Loan - last updated: 1 November 2023

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What's hot
  • Westpac offers funds within 60 minutes of approval
  • Free extra repayments
  • Weekly, fortnightly, monthly repayments
What's not
  • $250 application fee
Mozo snapshot

If you are after an unsecured personal loan where you can see your money fast once approved, the Westpac Personal Loan is worth considering. This loan comes with a range of choices from repayment schedules, borrowing amounts and loan terms. Plus, customers can make free extra repayments whenever they want. You’ll also be pleased to know that Westpac offers funding 60 minutes after approval.

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Key features

With the Westpac Personal Loan there are plenty of options.

Customers can borrow anywhere from $4,000 to $50,000 and receive an 7.99% p.a. fixed rate (9.18% p.a. comparison rate*). Plus they can opt to take out a loan from 1 to 7 years.

And when it comes to paying off the loan, there’s even more choice! Customers can make weekly, fortnightly or monthly repayments and make free extra repayments if they want to. However, there is no redraw facility attached to this loan.

There are a few fees to be mindful too, they include: $250 application fee, $12 monthly loan account fee and a $15 late payment fee. 

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Who is it good for

The Westpac Personal Loan could be a great option for someone that wants the flexibility to make extra repayments towards the loan but the certainty of a fixed interest rate.

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Any catches

To be eligible for this loan, you must have a regular permanent income of at least $35,000. 


Also bear in mind that this loan is unsecured so you don’t need to put up assets as collateral. However, if you are looking at this loan to buy a car, the Westpac Car Loan may be a better choice.

Details

Rates and fees information correct as at 31 May 2024. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

Fixed

7.99% p.a.to 20.49% p.a. fixed

9.18% p.a.to 21.61% p.a.based on $30,000
over 5 years

Fees

$250.00

$12.00

$15.00

$0.00

$0

Other financial bits

$4,000.00

$50,000.00

1 Year

7 Years

Unsecured

Features

-

Weekly, Fortnightly, Monthly

yes

no

Eligibility conditions include a regular permanent income of at least $35,000 p.a.. $175 prepayment fee if you choose a term >2 years and pay it out in less than 2 years.

none

WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Customer Reviews

How are Westpac personal loans rated by the Mozo community?

Overall
7.3/10
Price
6.2/10
Features
6.0/10
Customer service
7.2/10
Convenience
7.7/10
Trust
7.0/10
Based on 911 Westpac personal loan reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

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About Westpac

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Unsecured Personal Loan

5.76% p.a.to 24.03% p.a.

6.55% p.a.to 24.98% p.a.based on $30,000
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9.14% p.a.to 11.19% p.a.

9.50% p.a.to 11.56% p.a.based on $30,000
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Debt Consolidation

5.76% p.a.to 24.03% p.a.

6.57% p.a.to 24.99% p.a.based on $30,000
over 5 years

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Unsecured Personal Loan

6.75% p.a.to 26.95% p.a.

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6.75% p.a.to 26.95% p.a.

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Low Rate Personal Loan

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7.19% p.a.to 8.84% p.a.based on $30,000
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6.75% p.a.to 26.95% p.a.

6.75% p.a.

$0.00

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5.76% p.a.to 24.03% p.a.

6.55% p.a.

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